Oil markets are closing March on a historic surge, with prices posting their biggest monthly gain ever after an unprecedented global supply shock. Gasoline Goes Galactic: Prices Jump, Diesel Spikes, and the White House Feels the Burn - Nationwide US gasoline prices topped $4 per gallon for the first time since August 2022, jumping to $4.018/USG as of March 31, raising domestic political risks for the Trump administration. - With gasoline now up by more than $1 per barrel since the US attack on Iran, prices keep on rising despite the White House’s…

Brent crude jumped to $118.2 per barrel on Tuesday while WTI sat at $102.5, leaving an unusually wide gap between the two benchmarks as the market reacted to fresh rhetoric around the Strait of Hormuz and the growing risk to fuel flows outside the United States. The apparent immediate trigger was a social media post from President Donald Trump urging countries struggling to secure jet fuel because of the Strait disruption to buy from the U.S. or go to the Strait and "take it" themselves. "...the U.S.A. won't be there to help you anymore, just like…

Brent crude jumped to $118.2 per barrel on Tuesday while WTI sat at $102.5, leaving an unusually wide gap between the two benchmarks as the market reacted to fresh rhetoric around the Strait of Hormuz and the growing risk to fuel flows outside the United States. The apparent immediate trigger was a social media post from President Donald Trump urging countries struggling to secure jet fuel because of the Strait disruption to buy from the U.S. or go to the Strait and "take it" themselves. "...the U.S.A. won't be there to help you anymore, just like…

The United States is extending by a month through May 1, 2026, the deadline for potential buyers to negotiate buying the foreign assets of Russia's second-biggest oil producer, Lukoil, which the U.S. sanctioned in October to force Russia to negotiate peace in Ukraine. The U.S. Treasury's Office of Foreign Assets Control (OFAC) authorized in a new general license negotiations of potential deals until May 1, provided that such agreements are approved by the OFAC in separate authorizations. Earlier this year, Lukoil announced it had agreed to sell…

The United States is extending by a month through May 1, 2026, the deadline for potential buyers to negotiate buying the foreign assets of Russia's second-biggest oil producer, Lukoil, which the U.S. sanctioned in October to force Russia to negotiate peace in Ukraine. The U.S. Treasury's Office of Foreign Assets Control (OFAC) authorized in a new general license negotiations of potential deals until May 1, provided that such agreements are approved by the OFAC in separate authorizations. Earlier this year, Lukoil announced it had agreed to sell…

The United States is extending by a month through May 1, 2026, the deadline for potential buyers to negotiate buying the foreign assets of Russia's second-biggest oil producer, Lukoil, which the U.S. sanctioned in October to force Russia to negotiate peace in Ukraine. The U.S. Treasury's Office of Foreign Assets Control (OFAC) authorized in a new general license negotiations of potential deals until May 1, provided that such agreements are approved by the OFAC in separate authorizations. Earlier this year, Lukoil announced it had agreed to sell…

US President Donald Trump has renewed his warning to Tehran to reach a deal to end the war soon and open the Strait of Hormuz, or he will order air strikes with the aim of "completely obliterating" Iran's oil export hub of Kharg Island, oil wells, and power plants. For the second day in a row, the US leader said a deal is likely at hand, but he also said in a social media post on March 30 that "if for any reason a deal is not shortly reached" US forces will react " by blowing up and completely obliterating all of their Electric Generating Plants,…

Coal is back with a bang in Asia’s power generation, as countries scramble to contain the LNG supply shortage due to the war in the Middle East. Coal hasn’t really left most Asian economies, which rely on the fuel for much of their power generation. Amid the squeeze of natural gas supply due to the de facto closed Strait of Hormuz and the sky-rocketing LNG prices that few buyers in Asia can afford, nations are scrapping previous restraints to the use of coal-fired power generation. Developed economies like Japan and South Korea are…